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The financial security of many elderly Americans has been greatly affected by inflation and the COVID-19 pandemic.
With the highest inflation rate since 1981, around 50% of the elderly are unable to afford essential expenses like food, housing, health care, transportation, etc. It’s estimated that 54% of single older women and 45% of single older men are classified as poor under federal poverty standards.
And for the first time in 50 years, adults over age 55 have faced unemployment at a higher rate than younger adults. With increased unemployment comes not only loss of pay but often loss of benefits such as health insurance, that are tied to employment.
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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
